What does material mean in the context of an audit

Assignment Help Accounting Basics
Reference no: EM132863633

Question - What does "material" mean in the context of an audit, and who determines whether an item is material? How does the materiality of an item affect the acceptable and inherent risk borne by an audited company?

Reference no: EM132863633

Questions Cloud

Description of the societal issue : Description of the societal issue you selected, and describe two recommendations experts have made for resolving this societal issue.
Determine the? p-value for test : Consider the hypotheses shown below. Given that x=118?, s=26?, n=47?, a=0.10?, complete parts a and b.
Discuss the challenges the organization : Discuss the challenges the organization had that limited their profitability and/or competitiveness and how they planned to leverage Cloud Computing
Assess the role of strategic management : Explain the distinctions between a budget and a financial plan and assess the role of strategic management.
What does material mean in the context of an audit : What does "material" mean in the context of an audit, and who determines whether an item is material
Describe a contemporary issue facing the cultural group : Describe a contemporary issue, problem, or challenge facing the cultural group that you have selected for this assignment, how members of that society have
Established a profitable subsidiary in bosnia : You are the President of a medium-sized manufacturing firm in the Midwest, making specialized parts for urban transportation systems.
Compute the profit consequences of the change : How does the evaluation scheme affect performance? If it is optimal, explain why. Otherwise, explain why you think it is suboptimal
Make life journey about more difficult : We all had the unfortunate experience of seeing how computers can, at times, make life's journey about more difficult.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem - Segment Contribution Margin Analysis

Problem - Segment Contribution Margin Analysis - Determine the contribution margin (round to whole millions) and contribution margin ratio

  Record and Post the transactions

Record and Post the following transactions in the General Journal for the month of January using the double-entry method

  Previous annual reporting period

What are the total assets at the end of the previous annual reporting period? How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?

  The stock was subsequently sold for 12000 the 8000

porter corp. purchased its own par value stock on january 1 2010 for 20000 and debited the treasury stock account for

  Compute the given values and ratios for particular year

Additional information: The net cash provided by operating activities for 2017 was $190,800. The cash used for capital expenditures was $92,000.

  What is the effect of this exchange on Robyn Gross Income

Robyn purchased Red Acre, a 2 acre property in Reunion Colorado, for $200,000 in 2015. What is the effect of this exchange on Robyn Gross Income

  What is required in setting up subsidiary ledgers

Please advise what is required in setting up subsidiary ledgers. How are transactions now processed? What steps would you take if, the total of the subsidiary.

  Determine outstanding checks

A summary of the Cash account in the ledger for August shows the following: balance, August 1, $18,840; Determine outstanding checks

  Wu companys income statement for the year ended december 31

wu companys income statement for the year ended december 31 2011 and its comparative balance sheets as of december 31

  Lee provo is paid 20 per hour plus time-and-one-half for

on january 1 2012 phil sonics corporation issued 2000000 of 7.5 bonds dated january 1. interest is payable

  Give the Journal Entries on Joey Co Books

Give the Journal Entries on Joey Co's Books for 2016 related to its Investment in Legoria Co. using the Equity Method

  Multiple choice question to find related earnings

When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd